These 21 cities have the priciest office space on the planet

Global economic growth is on the rise and this means more people are getting into work.

However, as demand for office space grows – so does the rent.

Knight Frank's newly released Skyscrapers Index, part of the Global Cities 2016 report, shows us where on earth the most expensive offices are. The index takes into account how much a square foot of office space costs in a high-rise building in cities throughout the world.

Generally speaking a majority of the most expensive offices in the world are in major financial centers, but some of the cities that make the list might come as a bit of a surprise.

21. SEOUL — $33.50 per sq. ft per yr (£22). Korea's capital city is home to huge companies like LG, Hyundai and Samsung, making it an attractive location for businesses to set up.

A view over Seoul's financial districtShutterstock.com

20. TAIPEI — $37 per sq. ft per yr (£23). The city is home to Taipei 101, which was once the world's tallest building. It has the second highest GDP per capita of any Asian city.

Taipei pictured at sunset.Copyright Daniel Shih

19. MADRID — $38.50 per sq. ft per yr (£25). The Spanish capital has seen office prices driven up by a lack of quality space, coupled with growing demand following Spain's recovering economy. Prices grew 3.3% to June this year.

Diners enjoy a bite to eat in a Madrid side street. Flickr/ajgelado

18. DUBAI — $43.50 per sq. ft per yr (£28). Dubai may have the world's biggest skyscraper, the Burj Khalifa to provide some office space, but prices remain amongst the highest on earth.

A view of the Burj Al Arab, Dubai's famous super luxury hotel.Ahmed Jadallah/Reuters

17. MELBOURNE — $46.25 per sq. ft per yr (£30). Australia's second city gained nearly 100,000 new citizens last year, but this influx didn't actually change office prices. In the first half of 2015 they stayed flat.

16. MUMBAI — $52 per sq. ft per yr (£33). Office prices in Mumbai grew by 1.3% in the first six months of 2015, thanks to Mumbai's position at the heart of India's economy.

Commuters pass through Mumbai's main Chhatrapati Shivaji train station at rush hour.REUTERS/Vivek Prakash

15. FRANKFURT — $53.25 per sq. ft per yr (£34). Multinational companies favour Frankfurt — Europe's continental financial capital — because of its convenience and accessibility. The airport is only 15 minutes from the city centre.

Frankfurt's main business district at night.Reuters

14. PARIS — $56.75 per sq. ft per yr (£37). New projects like The Cargo, a major hub for start-ups, have helped fuel demand in the French capital. Office prices are up 1.5% so far this year.

The moon rises over the Eiffel Tower, Paris's most famous landmark.Reuters

13. BEIJING — $67 per sq. ft per yr (£43). China's capital actually saw office prices fall by 1% for the first half of 2015 but it still remains one of Asia's most expensive cities for running an office.

A Beijing highway blanketed in the thick smog which plagues the city.Reuters

12. CHICAGO — $68 per sq. ft per yr (£44). Millennials in Chicago are "fostering a new wave of tech industries", according to Knight Frank. These new industries have helped push up office prices by 4.6% so far in 2015.

11. SHANGHAI — $72.75 per sq. ft per yr (£47). Office prices in the city at the heart of China's financial industry are up by 5.3% this year. Shanghai is now home to three of the ten tallest buildings on earth.

A view of the Pudong financial district, taken from Shanghai's famous Bund.Wikimedia

10. LOS ANGELES — $73 per sq. ft per yr (£47) Office prices in LA haven't changed this year, but the city hosts 244,000 businesses, so demand for office space is always high.

Los Angeles at sunset.Shutterstock

9. BOSTON — $75 per sq. ft per yr (£48) Growing companies and continuing strong demand mean that offices in Boston are some of the most expensive in the US.

A view across Boston's Charles River.Reuters

8. MOSCOW — $79 per sq. ft per yr (£51). Russia's economic problems mean that offices in Moscow are not quite as sought after as they once were, but prices for in-demand skyscraper places of work remain high.

St. Basil's Cathedral in the centre of MoscowMaxim Zmeyev/Reuters

7. SYDNEY — $86.50 per sq. ft per yr. Australia's most famous city has seen the price of high-rise office space grow by 0.7% this year, and costs are now by far the highest of any city in the southern hemisphere.

6. SINGAPORE— $93.25 per sq. ft per yr (£60). The tiny island nation has gone from "third world to first" in less than 50 years, according to Knight Frank. That transition has fuelled a high-priced office property market. Prices are up 1.2% so far this year.

The Merlion Fountain, often seen as a symbol of Singapore as a country.Shutterstock / Vincent St. Thomas

5. SAN FRANCISCO — $105 per sq. ft per yr (£68). San Francisco and the surrounding Bay Area is home to some of tech's biggest companies, including Apple and Google. It's also home to a booming office letting market. Prices in the city grew by 8.2% in the first half of 2015.

4. LONDON —$122 per sq. ft per yr (£79). London's residential property market is one of the most competitive sectors in Europe, and its office market is now going wild as well. Prices went up 10.7% in the first six months of the year, more than in any other city on this list.

3. TOKYO — $125 per sq. ft per yr (£81). Tokyo's office price growth is being fuelled by Japan's bullet trains, which are making the country easier to navigate, and bringing more and more people to Tokyo. Offices in high-rise buildings now cost 3.4% than they did at the start of the year.

Tokyo at sunset, Mount Fuji can be seen in the distance.Reuters

2. NEW YORK — $153 per sq. ft per yr (£99) New York is the world's biggest financial hub, making it hugely attractive to businesses. Its office spaces are currently undergoing something of a revolution and this is helping to keep office prices amongst the highest on earth.

1. HONG KONG — $255 per sq. ft per yr (£165). To say that space in Hong Kong is at a premium would be an understatement. Office space is so sparse that prices are more than two times higher than anywhere else on earth. Price are still climbing, growing 1.9% in the first half of 2015.

Sunrise over Hong Kong, the most expensive place on earth to have an office.Pasu Au Yeung, Flickr